SK Telecom buys 21% stake in Hynix

SAN FRANCISCO—SK Telecom, South Korea's largest mobile service provider, said Monday (Nov. 14) it signed a deal to acquire 21 percent of memory chip vendor Hynix Semiconductor Inc., according to multiple media reports.

The Bloomberg news service reported Monday that SK Telecom would buy 101.85 million new shares of Hynix at 23,000 won (about $20.42) apiece, and 44.25 million existing Hynix shares for 24,5000 won (about $21.77) each. The deal is worth about $3.05 billion in total, according to the report.

According to the Bloomberg report, the offer represents a premium of at least 3 percent over Hynix's closing price Monday.

The deal is expected to close the deal by the first quarter of next year, according to the report.